Luna will play Ferrell's brother, Garcia Bernal will be a family friend, and Genesis Rodriguez, a real-life telenovela star, will play his love interest.

The film will be produced by Ferrell's Gary Sanchez Productions, which he co-founded with director Adam McKay. Sanchez has already one hit this year in "The Other Guys," "The Virginity Hit" has a chance to be a stealth hit and/or college circuit favorite and they're close to casting Jeremy Renner and Noomi Rapace in the action-comedy "Hansel and Gretel: With Hunters."

PopcornBiz Takes a Cop to See "The Other Guys"

Ferrell appears to be getting his mojo back following a few lean years. "The Other Guys" was much funnier than we'd expected, our hopes are very high for "Everything Must Go," co-starring Rebecca Hall and based on a Raymond Carver story and the new "Megamind" trailer that came out today has us thinking maybe that movie won't be a bust after all.